Insolvency prevention procedures apply to debtors in difficulty but not in insolvency.
Thus, in these proceedings, the aim is, inter alia:
a) to give debtors an opportunity to effectively redress the business, to maintain economic activity and protect jobs, through effective access by the debtor to early warning means;
b) ensuring effective procedures, including through appropriate mechanisms of communication and conduct of the procedure in a timely and reasonable manner, in an objective and impartial manner, with a minimum of costs, likely to result in discharge of obligations;
c) the protection of information of a competitive nature relating to the debtor’s business, without preventing creditors from accessing the necessary and relevant data enabling them to take a decision in the proceedings;
d) ensuring access to sources of funding;
e) favouring the amicable negotiation/re-negotiation of claims and the conclusion of a restructuring agreement or, where appropriate, of a preventive concordat, ensuring the continuity of the company.
The administration of insolvency prevention procedures is carried out by insolvency practitioners, their conduct being under the control of the court, within the limits provided by law.